Mark the date -- Sep 26, 2006 - change to interactive data is now inevitable. The SEC has turned a corner and truly made it clear that talking up XBRL is not enough, it's now time to walk the talk, and they're putting their money where their mouth is . . . this is now a 10-bagger!
COUNT ONE! SEC announced a $54 million investment to update the commission's EDGAR financial statement filing system to XBRL,
COUNT TWO! An announcement of an SEC roundtable on ”interactive data" to be held October 3.
COUNT THREE! The two announcements came on the heels of news that the SEC's small business roundtable slated on September 29, will focus, in part on, interactive data - the new buzz word for XBRL.
This triple whammy from the SEC is a clear signal that companies will HAVE to be XBRL compliant within a year, since Cox said this morning that the SEC's coding, taxonomy, and technology efforts will be done within a year. All current EDGAR filings will be switched over to XBRL inside of a year, and more telling, the SEC website will be peppered with XBRL software tools to help investors and analysts use the data "in interesting ways," says Cox. The chairman even noted this morning that developers should begin to "exploit" XBRL's potential by writing whiz-bang software and tools for companies, investors, and analysts.
Streamline Enterprise Business Reporting with XBRL Jeff Thompson,
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